Cash-strapped Birmingham & Solihull have been handed a lifeline by the Rugby Football Union despite putting themselves into liquidation on Tuesday.
The Bees have put plans in place for new investors to take on the club's financial responsibilities.
The club now have until 23 November to present evidence to the RFU that the plans are viable.
The RFU have allowed the Bees to compete in the Championship until the next month but docked them 15 points.
The club, who were promoted to the newly-formed Championship in May, have been struggling with financial problems for several years, and have been unable to pay player wages over the past two months.
The side now hope that the liquidation of the club will free up assets to ensure the team's survival.